2018 Q4 Form 10-Q Financial Statement

#000119312518305300 Filed on October 23, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $206.1M $203.1M $146.4M
YoY Change 41.07% 38.69% 14.24%
Cost Of Revenue $103.9M $98.00M $67.90M
YoY Change 57.42% 44.33% 49.56%
Gross Profit $102.2M $105.2M $78.60M
YoY Change 27.43% 33.84% -5.07%
Gross Profit Margin 49.59% 51.8% 53.67%
Selling, General & Admin $45.80M $20.10M $20.70M
YoY Change 108.18% -2.9% -1.9%
% of Gross Profit 44.81% 19.11% 26.34%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $28.30M $26.80M $20.70M
YoY Change 29.22% 29.47% -1.9%
Operating Profit $73.90M $78.40M $57.90M
YoY Change 26.76% 35.41% -6.16%
Interest Expense $0.00 $97.96M $67.89M
YoY Change 44.28% 49.63%
% of Operating Profit 0.0% 124.94% 117.26%
Other Income/Expense, Net
YoY Change
Pretax Income $73.90M $78.34M $57.89M
YoY Change 26.98% 35.32% -13.06%
Income Tax $0.00 $48.00K $83.00K
% Of Pretax Income 0.0% 0.06% 0.14%
Net Earnings $73.64M $78.17M $57.72M
YoY Change 27.21% 35.42% -10.91%
Net Earnings / Revenue 35.73% 38.48% 39.42%
Basic Earnings Per Share
Diluted Earnings Per Share $604.8K $673.0K $607.4K
COMMON SHARES
Basic Shares Outstanding 119.7M shares 111.4M shares 94.83M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $106.0M $87.00M $61.00M
YoY Change 51.43% 42.62% -35.11%
Cash & Equivalents $105.7M $86.99M $61.22M
Short-Term Investments
Other Short-Term Assets $7.000M $4.000M
YoY Change
Inventory
Prepaid Expenses
Receivables $57.00M $46.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $170.0M $137.0M $61.00M
YoY Change 142.86% 124.59% -35.11%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $96.00M $96.00M
YoY Change
Other Assets $0.00 $0.00 $33.00M
YoY Change -100.0% -100.0% 3200.0%
Total Long-Term Assets $14.30B $12.28B $9.716B
YoY Change 40.32% 26.42% 15.43%
TOTAL ASSETS
Total Short-Term Assets $170.0M $137.0M $61.00M
Total Long-Term Assets $14.30B $12.28B $9.716B
Total Assets $14.47B $12.42B $9.777B
YoY Change 41.02% 27.03% 14.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $10.97B $8.988B $7.149B
YoY Change 52.27% 25.72% 21.25%
Other Long-Term Liabilities $128.0M $123.0M $102.0M
YoY Change -9.22% 20.59% -7.27%
Total Long-Term Liabilities $11.09B $9.111B $7.251B
YoY Change 51.09% 25.65% 20.73%
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities $11.09B $9.111B $7.251B
Total Liabilities $11.09B $9.111B $7.251B
YoY Change 51.1% 25.66% 20.73%
SHAREHOLDERS EQUITY
Retained Earnings -$569.4M -$566.4M -$558.1M
YoY Change 0.4% 1.5% 4.15%
Common Stock $3.968B $3.900B $3.110B
YoY Change 13.11% 25.4% 0.78%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.364B $3.301B $2.520B
YoY Change
Total Liabilities & Shareholders Equity $14.47B $12.42B $9.777B
YoY Change 41.02% 27.03% 14.87%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $73.64M $78.17M $57.72M
YoY Change 27.21% 35.42% -10.91%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $67.30M $87.70M $65.70M
YoY Change 31.96% 33.49% 2.18%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$2.040B -$57.20M $26.30M
YoY Change 342.46% -317.49% -96.89%
Cash From Investing Activities -$2.040B -$57.20M $26.30M
YoY Change 342.46% -317.49% -96.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.993B -51.60M -67.10M
YoY Change 377.18% -23.1% -93.28%
NET CHANGE
Cash From Operating Activities 67.30M 87.70M 65.70M
Cash From Investing Activities -2.040B -57.20M 26.30M
Cash From Financing Activities 1.993B -51.60M -67.10M
Net Change In Cash 19.80M -21.10M 24.90M
YoY Change 164.0% -184.74% -128.49%
FREE CASH FLOW
Cash From Operating Activities $67.30M $87.70M $65.70M
Capital Expenditures
Free Cash Flow
YoY Change

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Income accrual is generally suspended for loans at the earlier of the date at which payments become 90 days past due or when, in the opinion of our Manager, recovery of income and principal becomes doubtful.
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Manager is entitled to an incentive fee in an amount equal to the product of (i) 20% and (ii) the excess of (a) our Core Earnings (as defined in our Management Agreement) for the previous 12-month period over (b) an amount equal to 7.00% per annum multiplied by our outstanding Equity, provided that our Core Earnings over the prior three-year period is greater than zero. Core Earnings, as defined in our Management Agreement, is generally equal to our net income (loss) prepared in accordance with GAAP, excluding (i) certain non-cash items (ii) the net income (loss) related to our legacy portfolio and (iii) incentive management fees.
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> <b>1. ORGANIZATION</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt" align="justify">References herein to &#x201C;Blackstone Mortgage Trust,&#x201D; &#x201C;Company,&#x201D; &#x201C;we,&#x201D; &#x201C;us&#x201D; or &#x201C;our&#x201D; refer to Blackstone Mortgage Trust,&#xA0;Inc. and its subsidiaries unless the context specifically requires otherwise.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt" align="justify">Blackstone Mortgage Trust is a real estate finance company that originates senior loans collateralized by commercial real estate in North America, Europe, and Australia. Our investment objective is to preserve and protect shareholder capital while producing attractive risk-adjusted returns primarily through dividends generated from current income from our loan portfolio. We are externally managed by BXMT Advisors L.L.C., or our Manager, a subsidiary of The Blackstone Group L.P., or Blackstone, and are a real estate investment trust, or REIT, traded on the New York Stock Exchange, or NYSE, under the symbol &#x201C;BXMT.&#x201D; Our principal executive offices are located at 345 Park Avenue, 42<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">nd</sup> Floor, New York, New York 10154. We were incorporated in Maryland in 1998, when we reorganized from a California common law business trust into a Maryland corporation.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt" align="justify">We conduct our operations as a REIT for U.S. federal income tax purposes. We generally will not be subject to U.S. federal income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders and maintain our qualification as a REIT. We also operate our business in a manner that permits us to maintain an exclusion from registration under the Investment Company Act of 1940, as amended. We are organized as a holding company and conduct our business primarily through our various subsidiaries.</p> </div>
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt" align="justify">The following tables outline the key terms of our credit facilities as of September&#xA0;30, 2018:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td width="86%"></td> <td valign="bottom" width="1%"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom" nowrap="nowrap"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-BOTTOM: #000000 1pt solid; MARGIN-TOP: 0pt; DISPLAY: table-cell"> <b>Lender</b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" align="center"><b>Currency</b></td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" nowrap="nowrap" align="center"><b>Guarantee<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></b></td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" align="center"><b>Margin Call<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup></b></td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" align="center"><b>Term/Maturity</b></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Morgan Stanley</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="top" align="center"> $&#xA0;/&#xA0;&#xA0;&#xA3;&#xA0;/&#xA0;&#x20AC;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center">25%</td> <td valign="bottom">&#xA0;</td> <td valign="top" align="center"> Collateral&#xA0;marks&#xA0;only</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="top" nowrap="nowrap" align="center"> March&#xA0;3,&#xA0;2020</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top" nowrap="nowrap"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Goldman Sachs - Multi. JV<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="top" nowrap="nowrap" align="center">$</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center">25%</td> <td valign="bottom">&#xA0;</td> <td valign="top" align="center">Collateral marks only</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="top" nowrap="nowrap" align="center"> July&#xA0;12,&#xA0;2020<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top" nowrap="nowrap"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> JP Morgan</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="top" align="center">$&#xA0;/&#xA0;&#xA0;&#xA3;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center">50%</td> <td valign="bottom">&#xA0;</td> <td valign="top" align="center">Collateral marks only</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="top" nowrap="nowrap" align="center"> January&#xA0;7,&#xA0;2021</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top" nowrap="nowrap"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Bank&#xA0;of&#xA0;America - Multi. JV<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="top" nowrap="nowrap" align="center">$</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center">43%</td> <td valign="bottom">&#xA0;</td> <td valign="top" align="center">Collateral marks only</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="top" nowrap="nowrap" align="center">July&#xA0;19, 2021<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(5)</sup></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top" nowrap="nowrap"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Deutsche Bank</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="top" nowrap="nowrap" align="center">$</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center">32%</td> <td valign="bottom">&#xA0;</td> <td valign="top" align="center">Collateral marks only</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="top" nowrap="nowrap" align="center"> August&#xA0;9,&#xA0;2021<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(6)</sup></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top" nowrap="nowrap"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Barclays</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="top" nowrap="nowrap" align="center">$</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center">25%</td> <td valign="bottom">&#xA0;</td> <td valign="top" align="center">Collateral marks only</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="top" nowrap="nowrap" align="center"> March&#xA0;29,&#xA0;2023<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(7)</sup></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top" nowrap="nowrap"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> MetLife</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="top" nowrap="nowrap" align="center">$</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center">50%</td> <td valign="bottom">&#xA0;</td> <td valign="top" align="center">Collateral marks only</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="top" nowrap="nowrap" align="center"> April&#xA0;22,&#xA0;2023<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(8)</sup></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top" nowrap="nowrap"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Bank of America</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="top" nowrap="nowrap" align="center">$</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center">50%</td> <td valign="bottom">&#xA0;</td> <td valign="top" align="center">Collateral marks only</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="top" nowrap="nowrap" align="center">May&#xA0;21, 2023<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(9)</sup></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top" nowrap="nowrap"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Citibank</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="top" align="center"> $&#xA0;&#xA0;/&#xA0;&#xA3;&#xA0;/&#xA0;&#x20AC;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center">25%</td> <td valign="bottom">&#xA0;</td> <td valign="top" align="center">Collateral marks only</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="top" nowrap="nowrap" align="center"> Term&#xA0;matched<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(10)</sup></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top" nowrap="nowrap"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Soci&#xE9;t&#xE9; G&#xE9;n&#xE9;rale</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="top" align="center"> $&#xA0;&#xA0;/&#xA0;&#xA3;&#xA0;/&#xA0;&#xA0;&#x20AC;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center">25%</td> <td valign="bottom">&#xA0;</td> <td valign="top" align="center">Collateral marks only</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="top" nowrap="nowrap" align="center"> Term&#xA0;matched<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(10)</sup></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top" nowrap="nowrap"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em"> Wells Fargo</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="top" nowrap="nowrap" align="center">$</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="center">25%</td> <td valign="bottom">&#xA0;</td> <td valign="top" align="center">Collateral marks only</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="top" nowrap="nowrap" align="center"> Term&#xA0;matched<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(10)</sup></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top" colspan="9"> <p style="MARGIN-BOTTOM: 2pt; WIDTH: 15%; BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0pt; LINE-HEIGHT: 8pt"> &#xA0;</p> </td> </tr> </table> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td></td> <td valign="bottom" width="1%"></td> <td width="95%"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top">(1)&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="justify">Other than amounts guaranteed based on specific collateral asset types, borrowings under our credit facilities are <font style="WHITE-SPACE: nowrap">non-recourse</font> to us.</p> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top">(2)</td> <td valign="bottom">&#xA0;</td> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="justify">Margin call provisions under our credit facilities do not permit valuation adjustments based on capital markets events, and are limited to collateral-specific credit marks.</p> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top">(3)</td> <td valign="bottom">&#xA0;</td> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="justify">These facilities finance the loan investments of our consolidated Multifamily Joint Venture. 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VERTICAL-ALIGN: top">(1)</sup></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="center"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-BOTTOM: #000000 1pt solid; MARGIN-TOP: 0pt; DISPLAY: table-cell" align="center"> <b>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Floating Rate Index&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" nowrap="nowrap" align="center"> <p style="MARGIN-BOTTOM: 1pt; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="center"><b>Spread<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup></b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" align="center"><b>Advance</b><br /> <b>Rate<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup></b></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top" nowrap="nowrap" align="center">$</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">$&#xA0;&#xA0;5,024,025</td> <td valign="bottom" nowrap="nowrap"> &#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">$&#xA0;&#xA0;4,551,603</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="center"><font style="WHITE-SPACE: nowrap">1-month</font> USD LIBOR</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="center">1.75%</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="center">79.2%</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top" nowrap="nowrap" align="center">&#x20AC;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right"> &#x20AC;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;54,869</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right"> &#x20AC;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;12,100</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="center"><font style="WHITE-SPACE: nowrap">3-month</font> EURIBOR</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="center">2.28%</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="center">80.0%</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top" align="center">&#xA3;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right"> &#xA3;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;247,194</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right"> &#xA3;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;218,914</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="center"><font style="WHITE-SPACE: nowrap">3-month</font> GBP LIBOR</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="center">1.97%</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="center">79.0%</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt"> &#xA0;</p> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">$&#xA0;&#xA0;5,409,815</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">$&#xA0;&#xA0;4,850,911</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="center">1.77%</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" align="center">79.2%</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top" colspan="15" nowrap="nowrap"> <p style="MARGIN-BOTTOM: 2pt; WIDTH: 13%; BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0pt; LINE-HEIGHT: 8pt"> &#xA0;</p> </td> </tr> </table> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td></td> <td valign="bottom" width="1%"></td> <td width="95%"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="justify">(1)&#xA0;&#xA0;</p> </td> <td valign="bottom">&#xA0;</td> <td valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="justify">Potential borrowings represents the total amount we could draw under each facility based on collateral already approved and pledged. 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us-gaap Restricted Stock Expense
RestrictedStockExpense
20113000
us-gaap Share Based Compensation
ShareBasedCompensation
20488000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
375000
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
369790000
bxmt Payments For Collateral Deposits Related To Derivatives
PaymentsForCollateralDepositsRelatedToDerivatives
32110000
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PaymentsForDerivativeInstrumentsInInvestingActivities
14031000
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ProceedsFromDerivativeInstrumentsInInvestingActivities
34975000
dei Trading Symbol
TradingSymbol
BXMT
us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
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300921 shares
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0
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3577000
us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
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39000
us-gaap Stock Issued During Period Shares New Issues
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us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
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-20000
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities Net Of Adjustments
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1462000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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bxmt Proceeds From Sale Of Loan Participation
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86339000
bxmt Other Comprehensive Income Realized And Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeRealizedAndUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
23623000
bxmt Adjustments To Additional Paid In Capital Deferred Compensation
AdjustmentsToAdditionalPaidInCapitalDeferredCompensation
375000
bxmt Proceeds From Collateral Deposits Related To Derivatives
ProceedsFromCollateralDepositsRelatedToDerivatives
28870000
bxmt Cash Contributions From Joint Venture Partners That Increase Equity
CashContributionsFromJointVenturePartnersThatIncreaseEquity
4500000
bxmt General And Administrative Expenses Excluding Other Expenses
GeneralAndAdministrativeExpensesExcludingOtherExpenses
25897000
bxmt General And Administrative Operating And Other Costs
GeneralAndAdministrativeOperatingAndOtherCosts
2026000
bxmt Interest Expense Secured Debt
InterestExpenseSecuredDebt
35600000
bxmt Dividends Declared And Not Paid
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74195000
bxmt Core General And Administrative Expenses
CoreGeneralAndAdministrativeExpenses
5409000
bxmt Non Cash And Legacy Compensation Expenses
NonCashAndLegacyCompensationExpenses
20488000
bxmt Plan Adoption Date
PlanAdoptionDate
2014-03-25
bxmt Number Of Directors Eligible For Annual Compensation
NumberOfDirectorsEligibleForAnnualCompensation
5 Directors
bxmt Number Of Loan Participations Sold
NumberOfLoanParticipationsSold
1
bxmt Participations Sold Loan Weighted Average Term
ParticipationsSoldLoanWeightedAverageTerm
2022-02
CY2017Q3 us-gaap Management Fee Expense
ManagementFeeExpense
13243000
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
57722000
CY2017Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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88000
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OtherComprehensiveIncomeLossNetOfTax
8146000
CY2017Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
16175000
CY2017Q3 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
53000
CY2017Q3 us-gaap Professional Fees
ProfessionalFees
933000
CY2017Q3 us-gaap Profit Loss
ProfitLoss
57810000
CY2017Q3 us-gaap Restricted Stock Expense
RestrictedStockExpense
5819000
CY2017Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
125000
CY2017Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
95013087 shares
CY2017Q3 bxmt Other Comprehensive Income Realized And Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeRealizedAndUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
-8029000
bxmt Computed Management Fee Percent Of Average Outstanding Equity Balance
ComputedManagementFeePercentOfAverageOutstandingEquityBalance
0.0150 pure
bxmt Excise Tax Rate
ExciseTaxRate
0.04 pure
CY2017Q3 bxmt General And Administrative Expenses Excluding Other Expenses
GeneralAndAdministrativeExpensesExcludingOtherExpenses
7366000
CY2017Q3 bxmt General And Administrative Operating And Other Costs
GeneralAndAdministrativeOperatingAndOtherCosts
489000
CY2017Q3 bxmt Interest Expense Secured Debt
InterestExpenseSecuredDebt
3800000
CY2017Q3 bxmt Core General And Administrative Expenses
CoreGeneralAndAdministrativeExpenses
1422000
CY2017Q3 bxmt Non Cash And Legacy Compensation Expenses
NonCashAndLegacyCompensationExpenses
5944000
CY2017Q3 bxmt Common Stock Dividends Declared
CommonStockDividendsDeclared
58793000
CY2018Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
128000
CY2018Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.62
bxmt Debt Instrument Revolving Repurchase Facilities Advance Rate
DebtInstrumentRevolvingRepurchaseFacilitiesAdvanceRate
0.792 pure
CY2018Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
77452000
CY2018Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
77580000
CY2018Q3 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
152000
CY2018Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.67
CY2018Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
8443000
CY2018Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
78341000
CY2018Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
48000
CY2018Q3 us-gaap Interest Expense
InterestExpense
97955000
CY2018Q3 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
203107000
CY2018Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
105152000
CY2018Q3 us-gaap Noninterest Expense
NoninterestExpense
26811000
CY2018Q3 us-gaap Management Fee Expense
ManagementFeeExpense
18368000
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
78165000
CY2018Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
128000
CY2018Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-713000
CY2018Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
1855000
bxmt Incentive Fee Computation Percent Of Average Outstanding Equity Per Annum
IncentiveFeeComputationPercentOfAverageOutstandingEquityPerAnnum
0.0700 pure
bxmt Common Stock Dividends Declared
CommonStockDividendsDeclared
210369000
bxmt Net Proceeds After Sales Discounts And Commissions
NetProceedsAfterSalesDiscountsAndCommissions
32.26
bxmt Percentage Of Yield In Subordinate Risk Retention Interest
PercentageOfYieldInSubordinateRiskRetentionInterest
0.100 pure
CY2018Q3 us-gaap Professional Fees
ProfessionalFees
1022000
CY2018Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
-2416000
CY2018Q3 us-gaap Profit Loss
ProfitLoss
78293000
CY2018Q3 us-gaap Restricted Stock Expense
RestrictedStockExpense
6609000
bxmt Incentive Fee Computation Percent Of Product Per Agreement
IncentiveFeeComputationPercentOfProductPerAgreement
0.20 pure
bxmt Debt Instrument Covenant Minimum Percentage Of Tangible Net Worth On Net Cash Proceed Of Equity Issuances
DebtInstrumentCovenantMinimumPercentageOfTangibleNetWorthOnNetCashProceedOfEquityIssuances
0.75 pure
CY2018Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
125000
CY2018Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
116203140 shares
CY2018Q3 bxmt Other Comprehensive Income Realized And Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeRealizedAndUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
1703000
CY2018Q3 bxmt General And Administrative Expenses Excluding Other Expenses
GeneralAndAdministrativeExpensesExcludingOtherExpenses
8443000
CY2018Q3 bxmt General And Administrative Operating And Other Costs
GeneralAndAdministrativeOperatingAndOtherCosts
687000
CY2018Q3 bxmt Interest Expense Secured Debt
InterestExpenseSecuredDebt
12500000
CY2018Q3 bxmt Core General And Administrative Expenses
CoreGeneralAndAdministrativeExpenses
1709000
CY2018Q3 bxmt Non Cash And Legacy Compensation Expenses
NonCashAndLegacyCompensationExpenses
6734000
CY2018Q3 bxmt Common Stock Dividends Declared
CommonStockDividendsDeclared
74195000
CY2018Q3 bxmt Loan Contributed To Securitization
LoanContributedToSecuritization
517500000
bxmt Proceeds From Loan Contributed To Securitization
ProceedsFromLoanContributedToSecuritization
512002000
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
CY2017 srt Mortgage Loans On Real Estate Number Of Loans
MortgageLoansOnRealEstateNumberOfLoans
110
bxmt Annual Distribution Of Net Taxable Income Percentage
AnnualDistributionOfNetTaxableIncomePercentage
0.90 pure
CY2017 us-gaap Operating Loss Carryforwards Expiration Date
OperatingLossCarryforwardsExpirationDate
2029-12-31
CY2017 bxmt Number Of Loan Participations Sold
NumberOfLoanParticipationsSold
1
CY2017 bxmt Participations Sold Loan Weighted Average Term
ParticipationsSoldLoanWeightedAverageTerm
2022-02
CY2017 bxmt Percentage Of Loans Financed By Securitized Debt Obligations Earned Floating Rate Of Interest
PercentageOfLoansFinancedBySecuritizedDebtObligationsEarnedFloatingRateOfInterest
0.98 pure
CY2017Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
88000
CY2017Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.62
bxmt Stock Issued During Period Shares Price Per Share
StockIssuedDuringPeriodSharesPricePerShare
32.73
bxmt Percentage Of Loans Financed By Securitized Debt Obligations Earned Floating Rate Of Interest
PercentageOfLoansFinancedBySecuritizedDebtObligationsEarnedFloatingRateOfInterest
0.98 pure
bxmt Net Taxable Income Subject To Distribution Percent
NetTaxableIncomeSubjectToDistributionPercent
1.00 pure
CY2017Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
65868000
CY2017Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
65956000
CY2017Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.61
CY2017Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
7419000
CY2017Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
57893000
CY2017Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
83000
CY2017Q3 us-gaap Interest Expense
InterestExpense
67891000
CY2017Q3 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
146446000
CY2017Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
78555000
CY2017Q3 us-gaap Noninterest Expense
NoninterestExpense
20662000

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